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    ALATA   FR0010478248

ATARI S.A.

(ALATA)
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Real-time Euronext Paris  -  11:17:35 2023-06-08 am EDT
0.1384 EUR   -1.00%
06/02France's Atari Raises EUR30 Million via Convertible Bond Offering
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06/01Atari announces the success of its offering of bonds convertible into new ordinary shares of Atari due July 2026 for a nominal amount of 30 million euros
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What Do You Get When You Cross An NFT With A Loot Box?

02/07/2022 | 01:09pm EDT

According to Atari, they are known as "GFTs" or giftable NFTs appearing as gift-wrapped digital boxes. In celebration of the video game company's 50th anniversary, Atari teamed up with NFT developer Republic Realm for the GFT collection. The GFTs will automatically unwrap at a later date to reveal what's inside, essentially combining loot box mechanics with NFTs.

Loot boxes are no strangers to scrutiny as they have been the subject of regulatory attention and litigation since they became wildly popular in video games. In general, loot boxes have been criticized based on comparisons to illegal gambling. And many parents have raised concerns that loot boxes may encourage gambling-like habits. In response to the criticism, the gaming industry has largely adopted self-regulatory practices. Industry practice includes disclosing drop rates and loot box odds in addition to providing meaningful disclosures and ESRB labeling for games that include purchases with randomized elements.

Similarly, NFTs are an increasingly popular trend in blockchain technology that have seen their own fair share of controversy. Some of the major concerns with NFTs and the blockchain include the potential for abuse in a burgeoning market with inexperienced consumers and brands alike, as well as costs to the environment due to the amount of energy the blockchain uses. To learn more about the legal and practical risks to consider with NFTs and digital products on the blockchain, see our blog posts here, here, and here.

The GFT website hints at token-gated experiences, game competitions, and more to come in the metaverse, but it's unclear what the NFT contents will entail. While mixing video games and the newest technology would normally seem like a perfect combination, game developers who have experimented with implementing NFTs in their games have received a resounding negative response. Backlash from the gaming community typically points to environmental harm and arguments that NFTs are another means to the controversial play-to-earn business model. For example, 'MetaWorms' NFT developer canceled plans for its project after community backlash, and Sega listened to and acknowledged fan reactions in reassessing its NFT plans.

Though blockchain technology will likely evolve in striving to correct the energy consumption issues, it remains to be seen whether the gaming community will warm up to the idea of NFTs in games.

www.fkks.com

This alert provides general coverage of its subject area. We provide it with the understanding that Frankfurt Kurnit Klein & Selz is not engaged herein in rendering legal advice, and shall not be liable for any damages resulting from any error, inaccuracy, or omission. Our attorneys practice law only in jurisdictions in which they are properly authorized to do so. We do not seek to represent clients in other jurisdictions.

Ms Frances Jensen
Frankfurt Kurnit Klein & Selz
2029 Century Part East
Los Angeles 90067
UNITED STATES

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© Mondaq Ltd, 2022 - Tel. +44 (0)20 8544 8300 - http://www.mondaq.com, source Business Briefing

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Financials
Sales 2022 14,9 M 16,1 M 16,1 M
Net income 2022 -23,8 M -25,6 M -25,6 M
Net Debt 2022 6,20 M 6,68 M 6,68 M
P/E ratio 2022 -2,29x
Yield 2022 -
Capitalization 52,9 M 57,0 M 57,0 M
EV / Sales 2021 12,8x
EV / Sales 2022 4,09x
Nbr of Employees -
Free-Float 69,9%
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